Dec 5 2014
VMS Ventures Inc. is pleased to update shareholders on the performance of the Reed mine. VMS Ventures Inc. owns 30% and Hudbay Minerals Inc. owns 70% and is the Operator. Management has reviewed the Reed mine financial report received from joint venture partner Hudbay.
Reed Mine Underground Development and Production Update
In the third quarter of 2014, mining of Zone 20 stopes commenced on the 160 metre level resulting in increased copper grade for the quarter. The ramp is currently being driven to the 235 metre level and ore development is ongoing on the 160 and 185 metre levels. Plans for the fourth quarter of 2014 are to produce ore exclusively from multiple levels of Zone 20. Year to date concentrator results closely match the mine tonne and grade forecast. Copper grades have increased due to mining of Zone 20 ore and overall stope dilution is approximately 10%.
Highlights for October 2014
- Ore production of 41,144 tonnes, total 337,536 tonnes year to date
- Development advanced 288 metres in October; 2,811 metres year to date
- Escape raise from 185 metre level to 160 metre level was completed and commissioned
- Refuge Station at 135 metre level was commissioned in early October
- Lateral development commenced on the 210 metre level
Neil Richardson, COO states: "Today's release summarizes results from a recent quarterly Joint Venture management meeting with Hudbay. We expect the copper grade to improve in subsequent months as production from Zone 20 is now fully underway. The mine continues to show low stope dilution of approximately 10% accomplished by the mining team at Reed. The mine continues to have a good safety performance rating."
Source: http://www.vmsventures.com/